Interest rates have fallen to the lowest level since tracking began in 1971. The average rate for a thirty year fixed rate home loan is 4.69%. In general, if you plan on being in your home for at least five more years and the current interest rate you are paying is at least one point higher than the current rate, you should consider refinancing. Interest rates will vary depending upon your credit rating and the type of loan you are interested in obtaining. The best way to find out what impact refinancing would have for you, would be to call your bank or credit union. You might want to call several local banks or lenders as rates and loan costs may vary.
Low interest rates also make this a good time to buy a home. Read our previous post – Why Get Preapproved For Home Loan?
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